Importance of a Business Continuity Plan during Coronavirus Outbreak
Organizations globally have been taking stringent measures to the recent coronavirus outbreak, in multiple ways, from restricting employee travel to canceling events. The chances are very high that workforces, supply chains and economic activity will be disrupted to a great extent. So, it is very important for the organizations to review and update their business continuity management plan to ensure continuous operation.
It’s vital for companies to have a backup plan, as no one can predict any calamity like coronavirus when they will outbreak. With business continuity plan (BCP) your business can continuously operate and deliver services during the devastation time. If you don’t have a BCP for your company, it’s time to consult an expert agency to build a one. This is highly crucial for every business, whether a startup or an established one.
Why make a business continuity management plan?
Having a Disaster management plan for your company has numerous advantages. One of the most important reasons is the regular everyday operations with non-stop sales. Aside from this, the other advantages are:
1. Work from remote locations
In the event that your office can’t be opened because of coronavirus, you need to ensure key business functions run smoothly and it is possible with employees working from remote locations. You may also have a certain place ready to be used as your temporary office if needed.
2. Less downtime
When disaster like coronavirus strikes it can stop your business operations. Without a business continuity plan, you will be hopeless regarding what to do next. But With a plan in place, you can immediately take necessary steps regarding what needs to be done to run business in no time. Time is the most valuable asset in every business and it can’t be wasted unnecessarily.
3. Continue to serve your customers
If your business operation is halted, your customers may start looking for products or services from other brands. They will forget your service if they don’t feel your presence. Since a successful Business continuity & disaster recovery plan will keep you up and running, you’ll be able to serve your existing customers and engage new ones. You can boost ROI & sales if your competitors do not have a plan and are afflicted with adverse coronavirus outbreak too.
Factors to consider when creating a BCP
As every business have unique services, operations and requirements there’s no specific BCP for all. However, there are several factors that must be considered to build a plan.
1. Management Committee
For every project there should be a committee to build a business continuity management plan. This is not possible with a single person. It is a team effort, where people have different assigned roles like appointing a sponsor to take care of funds and other coordinators to oversee the overall process.
2. Analysis of Business Impact
You need to identify which products and services are the most crucial to your business operations. Ranking the products according to its impact will help you determine the products priority during the recovery phase. With this approach bigger losses can be avoided and maximize the recovery process efficiency.
After determining most vital products, services, and functions to your business, you can start creating a Business continuity & disaster recovery plan on what to do in the event of a disaster like coronavirus. It should clearly reveal the process to be followed, as well as the particular roles of individuals. The best approach is to take guidance from an experienced development company having skills to build business continuity plans.
Wrapping Up:
No matter your business is facing any global threat like Coronavirus, if your organization has a Business continuity & disaster recovery plan you can still survive and serve your clients. The benefits and what necessary measures need to be taken to build a plan are mentioned earlier in the blog. Let’s show our strength and unite to fight this evil called coronavirus